Trump Media CEO Devin Nunes sent a letter to allies on Capitol Hill to press them to investigate potential manipulation of his company's stock.
The stock price has lost more than half of its value since its trading debut and continues to trend down in volatile sessions.asked them to probe"anomalous trading" of the stock in order to gauge the extent of the alleged manipulation and"whether any laws including RICO statutes and tax evasion laws were violated.
The letter comes as the stock price of Trump Media, which created the social media app Truth Social and is majority owned by former PresidentDJT shot up in its trading debut and has touched a high of nearly $80 a share, but it has since lost more than half of that value.Nunes referenced Citadel Securities in an April 18 letter to Nasdaq CEO Adena Friedman, warning that DJT"appears on Nasdaq's 'Reg SHO threshold list,' which is indicative of unlawful trading activity.
Nunes told Friedman in his letter that over 60% of DJT shares have been traded by just four market participants, including Citadel Securities.
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